September settlement price up $0.181 over August.  YTD Monthly Settlement Price Avg. - $2.281.

Month

  2008

  2009

  2010

  2011

  2012

  2013

  2014

  2015

  2016

Jan

$7.172

$6.136

 $5.814

 $4.216

 $3.084

 $3.354

 $4.407

 $3.189

 $2.372

Feb

$7.996

$4.476

 $5.274

 $4.316

 $2.678

 $3.226

 $5.557

 $2.866

 $2.189

Mar

$8.930

$4.056

 $4.816

 $3.793

 $2.446

 $3.427

 $4.855

 $2.894

 $1.711

Apr

$9.578

$3.631

 $3.842

 $4.240

 $2.191

 $3.976

 $4.584

 $2.590

 $1.903

May

$11.280

$3.321

 $4.271

 $4.377

 $2.036

 $4.151

 $4.795

 $2.517

 $1.995

Jun

$11.916

$3.538

 $4.155

 $4.326

 $2.429

 $4.148

 $4.619

 $2.815

 $1.963

Jul

$13.105

$3.949

 $4.717

 $4.357

 $2.774

 $3.707

 $4.400

 $2.773

 $2.917

Aug

$9.217

$3.379

 $4.774

 $4.370

 $3.010

 $3.459

 $3.808

 $2.886

 $2.672

Sep

$8.394

$2.843

 $3.651

 $3.857

 $2.634

 $3.566

 $3.957

 $2.638

 $2.853

Oct

$7.472

$3.730

 $3.837

 $3.759

 $3.023

 $3.498

 $3.984

 $2.563

-

Nov

$6.469

$4.289

 $3.292

 $3.524

 $3.471

 $3.497

 $3.728

 $2.033

-

Dec

$6.888

$4.486

 $4.267

 $3.364

 $3.696

 $3.818

 $4.282

 $2.206

-

AVG

$9.035

$3.986

 $4.393

 $4.042

 $2.789

 $3.652

 $4.415

 $2.664

 $2.281

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Thanks, Jay.  Here is a technical industry question.  Just because they found it....do they have to keep over producing so much of it?

I wonder how many of those companies charged their mineral lessors through royalty deductions to build those midstream assets and then entered into sales of those systems that locked in higher than usual gathering fees advantageous to a buyer in order to maximize the sales price?  Royalty recipients' interests are devalued on both ends of that scenario.

Then it will probably keep a lot of O&G focused law firms busy for some years to come.

Won't be any personal injury lawyers involved.  And it won't be ambulances being chased.  The scenario of charging royalty deductions for midstream infrastructure on the front end and locking in high gathering and treatment rates or stand by charges on the back end to enhance a sale price is something that is relatively new the best I can tell.  Do you think this combination in fact has a long history of use by a number of operating companies?  That those charges are traditional?

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